Make them as high quality as you can so they don't get deleted. Make your content readable, embed images and videos, don't make all your posts link back to your website, etc. If you treat them as small money sites, you're on the right track.

And how to make Web 2.0 the best? Just do it like it is your own BLOG, play with it. Make it look nice! Add only quality content, add images, maybe embed some Video from Youtube. Do not make just one-page blogs. Make some more posts, even contact us and privacy page. Just play with all the web 2.0s as much as you can.

It is good for SEO but also for not being your site deleted by site owners/admins.

Plus of course, make links to them ("2nd tier"). Not something superb crappy - but not really expensive. Something middle, like automatic links like wiki, bookmarks, some auto. blogs, etc. - also with some good (even spun) content in it.

Great that you want to learn. But the brand new web 2.0 website linking to your own site works only if you are in a low competition niche. It won't do you any good if you are in a niche with large competition.

But the general rules would be to have at least 5 Original posts on each of your web 2.0 sites and all the information filled in. THe about info, contact page etc.

You should also check out Autofill Magic. Autofill Magic is a semi automated tool that makes it much much faster to create accounts and post content. It fills all forms, solves captchas and remembers your usernames, passwords etc. (+ a lot more)

If you just want an organized list of ~100 web 2.0 sites you can sign up for the trial and get all the sites. These sites are recently tested and all works well. It is completely free.

Really you are not exploiting the web 2.0 websites you are just using them for their natural purpose. Buy articles or write your own after you are finished with your keyword research for your niche. Then post the articles to the web 2.0 sites avoiding words that would be considered spam so they are not removed quickly.

Web 2.0 are still strong sources to get backlink from. Even after Panda and Penguine; it works like a magic bullet. Only thing that you need to pay attention is to find out HIGH PR web 2.0 properties that are being used extensively by other people and not spammed to the death.
Strategy looks something like this -

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